The North American Securities Administrators Association and the Securities and Exchange Commission signed Friday a memorandum of understanding to share information as new rules to facilitate intrastate crowdfunding offerings and regional offerings kick in.
The MOU, signed by SEC acting Chairman Michael Piwowar and Mike Rothman, Minnesota commissioner of commerce and president of NASAA, will allow federal and state securities regulators to monitor the effects of the new rules and also guard against fraud.
New JOBS Act rules went into effect in 2015 and 2016. New amendments to facilitate regional offerings took hold in January and amendments to provide more flexibility for intrastate crowdfunding offerings will go into effect in April.
The SEC in October adopted new and amended rules to update and modernize companies’ ability to raise money from investors through intrastate and small offerings.
The final rules adopted by the SEC in October are designed to further facilitate access to capital in cross-state and regional securities offerings.